09 June 2015
Zapp announces new ‘Pay by Bank app’ Mobile Payment paymark
Zapp, the UK’s leading mobile payment innovator, today unveils the new ‘Pay by Bank app’ paymark, the universal symbol indicating to consumers that a retailer or biller can receive an instant mobile payment directly from a bank app.
Clicking the symbol online will automatically open a consumer’s bank app on their phone from which they can quickly complete payments. The paymark will also signify that a retailer is able to accept Pay by Bank app payments at the Point of Sale in store.
Pay by Bank app will become the consumer facing brand from launch in autumn 2015 – the symbol that they will see and interact with and the one used by Zapp and its financial services and retail partners in their consumer marketing.
Pay by Bank app lets consumers make secure real-time payments to retailers and billers direct from their smartphone or tablet using their mobile banking app. Consumers will be able to see their account balances before they pay and choose different accounts to pay from, thereby staying more in control of their finances. Retailers and Billers will have a real alternative to the card schemes with a focus on increased conversion and lower costs at the heart of the Pay by Bank app proposition.
Pay by Bank app transactions are protected by a consumer’s existing bank app security. And because the payments use secure digital “tokens”, customers never reveal any of their financial details (including bank account details) to merchants when they are shopping. All Pay by Bank app payments offer similar protections as exist today for debit card payments, ensuring that in the event of goods not being delivered or an issue with the payment the consumer will be covered.
Peter Keenan, Chief Executive of Zapp, commented, “We’re delighted to unveil the new Pay by Bank app paymark ahead of our consumer launch. All of our consumer testing shows that it will be extremely effective in giving consumers the confidence that their mobile payment is backed by their trusted bank. Retailers and businesses will benefit from the Pay by Bank app simplicity which will deliver better conversion at a significantly lower cost, something the retail industry has been demanding for years. Zapp will continue to be our trading name and also the name we use to describe the coalition of partners backing Pay by Bank app.”
Pay by Bank app will initially be offered by HSBC, first direct, Nationwide, Santander and Metro Bank.